Logo of ADES International Holding Co.
ADES International Holding Co. issued today, Sept. 5, its prospectus to float 30% of its 338.7 million shares capital, or 39.5% of pre-initial public offering (IPO) capital, on the Saudi Exchange (Tadawul).
On June 21, the Capital Market Authority (CMA) gave the greenlight for ADES Holding to register and offer 338.72 million shares on Tadawul. The offer will comprise 101.62 million shares owned by ADES Investment Holding Ltd., Public Investment Fund (PIF) and Zamil Investment Co. — as per their current ownership stakes, in addition to the issuance of 237.10 million new shares through a capital hike.
ADES Holding operates as a drilling and exploration services provider in the oil and natural gas sector in the MENA region.
The company is 54.5% owned by ADES Investment Holding, while PIF and Zamil Investment hold a 35.5% and 10% stake, respectively.
ADES Holding operates in seven countries around the world: Saudi Arabia, Kuwait, Qatar, Egypt, Algeria, Tunisia and India. It will commence operations in India this year under pre-award contracts.
The services provider recently implemented its strategic plan by moving its headquarters to Saudi Arabia, where the majority of the group's operations, shareholders, banks and its main customer (Saudi Aramco) are located.
ADES Holding's main clients include Saudi Aramco in the Kingdom, Kuwait Oil Company in Kuwait and North Oil Company in Qatar, representing in aggregate more than 95% of the group's total backlog as of Dec. 31, 2022, and 82% of its customer contract revenue for 2022.
ADES Holding owns a total fleet of 85 rigs in seven countries (of which three will be used in India), including 36 onshore rigs, 46 offshore rigs (of which four are leased), two raised barges and a marine mobile production unit.
|
Company Profile |
|
|
Company |
ADES International Holding |
|
Market |
Saudi Exchange (Tadawul) |
|
Core Activities |
Drilling and exploration services in the oil and natural gas sector in the MENA region |
|
Current Capital |
SAR 858.09 mln |
|
Post-IPO Capital |
SAR 1.129 bln |
|
Par Value |
SAR 1/share |
|
Offer Details |
|
|
Issue Percentage |
30% |
|
Offered Shares |
101.62 mln current shares to be sold |
|
237.10 mln new shares to be issued |
|
|
338.72 mln shares in total |
|
|
Qualified Subscribers |
Participating parties - Retail investors |
|
Number of Shares Allocated to Retail Investors |
33.87 mln at maximum (Representing 10% of IPO shares) |
|
Number of Shares Allocated to Participating Parties |
338.72 mln (Representing 100% of IPO shares. If the retail subscription is covered, the number will be reduced to 304.85 mln shares, representing 90% of the total offering) |
|
Setting Final Price |
Sept. 18, 2023 |
|
Institutional Offer and Book-Building Period |
5 days (Sept. 10-14, 2023) |
|
Retail Offer Period |
3 days (Sept. 26-28, 2023) |
|
Final Allocation |
Oct. 4, 2023 |
|
Surplus Refunds |
Oct. 10, 2023 |
|
Additional Information |
|
|
Financial Advisor, International Coordinator, Institutional Book-Runner & Underwriter |
EFG-Hermes KSA, Goldman Sachs, J.P. Morgan Saudi Arabia, SNB Capital, GIB Capital, HSBC Saudi Arabia, Saudi Fransi Capital, Al Rajhi Capital |
|
Receiving Banks |
ANB, Al Rajhi Bank, Riyad Bank, SNB |
|
Company Shareholders |
||||
|
Shareholders |
Pre-IPO |
Post-IPO |
||
|
Number of Shares (mln shares) |
Ownership% |
Number of Shares (mln shares) |
Ownership% |
|
|
ADES Investment Holding |
467.66 |
54.5 % |
412.28 |
36.5 % |
|
PIF |
304.62 |
35.5 % |
268.55 |
23.8 % |
|
Zamil Investment |
85.81 |
10.0 % |
75.65 |
6.7 % |
|
Treasury Shares |
-- |
-- |
33.87 |
3.0 % |
|
Public |
-- |
-- |
338.72 |
30.0 % |
|
Total |
858.09 |
100 % |
1,129.06 |
100 % |
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}